personal lines claims
Kevin Durkan
DIRECTOR NEW WAY SOLUTIONS
Time for change?
T
ake two worlds. The one we knew before aggregator price comparison websites came along, and the one we find ourselves in today, in the present. Before aggregator sites arrived the personal lines insurance industry was accused of failing to meet the demands of its customers, and of not developing business and financial models that reflected market conditions.
In the present day, with
aggregator sites well and truly established, the majority of personal lines providers are still failing to meet the demands of their customers, and have failed to change their business and finance models to reflect the changes brought about by the use of aggregator sites.
So, why has there been little or no change?
“But the industry has changed!” To anyone so responding , please answer the
2. Why, when the successful players such as Admiral have demonstrated that insurers need to extract the
following questions:-
1. Why do insurers continue to allow large intermediaries to control their distribution when the intermediaries are value destroying, and do not actually own the channel to which they are charging admission?
maximum from each step of the value chain, do many insurers limit their access to the profitable elements?
3. Why do insurers insist on retaining claims management for those claims which are third party related, and are still around long after the customer has moved to another insurer? (Average customer loyalty is now approximately 15 months, PI claims are open much longer)
16 insurancepeople JUNE 2010
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